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PhoenixMart, outlet center funded to move ahead, company says

Posted by   /  May 10, 2016  /  No Comments

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Screen Shot 2016-05-10 at 9.38.26 AMBy Phil Riske | Senior Reporter/Writer

In a letter to the editor of Casa Grande Dispatch, AZ Sourcing says two of its Pinal County projects are moving forward.

“We are pleased to report that we have the funding necessary to move forward on both the development of PhoenixMart and the redevelopment of the former Tanger Outlet Center, wrote Marshall Stahl, AZ Sourcing chief operating officer.

Stahl says the company has “has accelerated construction of [the much delayed] PhoenixMart,” but did not speak to the funding.

The company did not immediately respond to Rose Law Group Reporter’s request for further details.

Attributing the cause to delays with the federal government’s EB-5 immigrant investment program, PhoenixMart in January reduced its workforce by an unrevealed number.

Az Sourcing said at the ime the staff cutback was not a “layoff, because the company expects the workers to return when EB-5 funds come through. The cutback, the company said, would not interfere with construction.

The EB-5 program permits foreign citizens to obtain green cards by investing at least $500,000 in American projects. The company says the project has attracted 300 investors from five continents.

Further details about an FBI raid of Az Sourcing offices in Phoenix have not been released after agents said a former investor was being investigated.

PhoenixMart is a 1.6 million-square-foot international trade and exposition center that is promoted as the Western Hemisphere’s largest merchandise marketplace, offering a worldwide cross-section of thousands of businesses in one location.

Arizona Home Furnishing Outlets is the planned redevelopment of the 189,000-square-foot former Tanger Outlet Center into a furniture-focused outlet center. The property is getting a facelift, including new signage and a remodeled façade., COO Stahl says.

“We will achieve several key milestones through the remainder of the year and plan to open the outlets in 2017,” he said.

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